Malta-based digital currency exchange, OKEx has launched a new crypto lending service to serve both the decentralized finance (DeFi) and centralized finance (CeFi) market. Bitrue exchange also revealed a similar plan for crypto lending. Meanwhile, OKEx will also launch a ‘One-Stop DeFi Trading Shop.’
OKEx to redefine crypto lending
Following a tweet on August 30, the CEO of OKEx exchange Jay Hao noted that the crypto exchange has rolled out its hybrid crypto lending service, which he referred to as “DeFi Lending Marketplace.” This is purported to serve as a hybrid lending aggregator of both CeFi and DeFi, with Compound (COMP) integration currently underway.
Being a DeFi and CeFi lending aggregator, users can be able to check and compare the lending rates in both markets, as Hao tweeted. Amid the newly-launched cryptocurrency lending service, the CEO of OKEx further noted that the crypto exchange is “here to redefine crypto lending experience.”
In addition to launching a one-stop DeFi lending marketplace, OKEx will be releasing a “DeFi Shop.” This is intended to enable an intuitive trading experience to DeFi users, and also allow a higher capital efficiency. This will help users avoid the need to transfer their funds between different wallets.
Bitrue set to launch hybrid lending service next year
Bitrue is another cryptocurrency exchange looking to enable cryptocurrency lending on both the DeFi and CeFi products. The exchange based in Singapore revealed it is planning to launch a hybrid lending service starting Q1, next year. It will back the DeFi offering via its new token dubbed BFT (Bitrue Finance Token).
“By providing both CeFi and DeFi products at the same time, we will be able to satisfy the needs of different types of users. Regardless of your preferred time horizon, the yield you want to receive, how long you’re prepared to lock up your coins for, and how much you want to invest, there will be an opportunity for you to invest in a way that you’re most comfortable with.”